Automotive Ceramics Market Exhibiting a CAGR of 5.2% by 2027; Growing Demand for Plastic Substitutes in Automotive to Stoke Demand

The global automotive ceramics market size is expected to showcase an augmented growth by reaching USD 2.11 billion till 2027. This is attributable to the growing demand for plastic substitutes such as automotive ceramics in the automotive industry across the globe. Fortune Business Insights, in its latest report, titled “Automotive Ceramics Market Size, Share & Covid-19 Impact Analysis, Types (Zirconia Oxide Ceramics, Alumina Oxide Ceramics, Titanate Oxide Ceramics, Others), By Application (Automotive Engine Parts, Automotive Electronics, Automotive Exhaust Systems, Others), and Regional Forecast, 2020-2027,” mentions that the market was worth USD 1.47 billion in 2019 and is likely to exhibit a CAGR of 5.2% during the forecast period, 2020-2027.

Morgan Advanced Materials Announces its Acquisition of Carbo San Luis to Consolidate Market Position

In June 2020, Morgan Advanced Materials, a leading global manufacturer of advanced automotive ceramics, announced its acquisition of Carbo San Luis. The company reported that the 22-year partnership between the companies has finally culminated in Morgan Advanced completely acquiring Carbo and ensuring the continual development and growth of their business. The acquisition came into force by 10 June 2020, cementing the company’s growth in the near future. Companies such as Morgan Advanced, and IBIDEN, among others, are constantly striving to strengthen their positions by expanding their presence to gain a competitive edge that would further drive the market growth in the near future.

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https://www.fortunebusinessinsights.com/automotive-ceramics-market-103360

Rising Demand for Plastic Substitutes in Automotive Industry to Propel Growth

The automotive industry is the third-largest consumer of plastics and other polymers after the packaging and construction industry. However, strict environmental regulations and the changing consumer preference for affordable, fuel-efficient, and lightweight vehicles are propelling the manufacturers to look for plastic substitutes such as these type of ceramics. With depleting fuel sources, along with the rising fuel prices, there has been an increasing demand for ceramics in automotive to replace plastic parts owing to their high durability and cost-effectiveness. Therefore, the surging demand for plastic substitutes such as ceramics in the automotive industry is anticipated to boost the global automotive ceramics market growth.

Major Companies Such as CeramTec Focusing on Strengthening their Positions

Fortune Business Insights reports that the global automotive ceramics market structure is highly fragmented and comprises of a few strong companies that are trying to cement their position. These strong companies are leveraging every available opportunity by adopting strategies such as collaboration, merger and acquisition, and partnership to gain a competitive edge in the market during the forecast period.

List of the Companies Operating in the Market:

• CeramTec (Germany)


• IBIDEN (Japan)


• KYOCERA Corporation (Japan)


• NGK SPARK PLUGS (INDIA) PVT. LTD. (Japan)


• CoorsTek Inc. (U.S.)


• Morgan Advanced Materials (UK)


• Corning Incorporated (U.S.)


• Saint-Gobain Ceramics (U.S.)


• Elan Technology (U.S.)


• Ceradyne, Inc. (U.S.)


• Other Key Players

Further Report Findings:

• In North America, the market is expected to showcase an exponential growth in the global market owing to the presence of large urban population and high living standards. The region’s market size stood at USD 243.8 million in 2019.


• In Europe, a well-established automotive industry and the stringent environmental regulations imposed by the government are expected to favor the market growth during the forecast period.


• The Zirconia oxide ceramics segment based on type analysis is anticipated to exhibit a considerable growth during the forecast period. This is attributable to the increasing demand for its application in automobile engines and exhaust systems owing to its high resistance tendency of automotive ceramics to raised temperatures.


• The automotive engine parts segment based on application analysis is likely to gain momentum owing to the increasing adoption of these ceramics in manufacturing engine parts such as spark plugs, high-pressure pumps, glow plugs, and electronic fuel pumps.

Global Automotive Ceramics Market Scope &Segmentation: